Yoo Seung-min: "Welfare Without Tax Increase Is a Myth, Proven by Moon Administration... Wasteful Budget, Debt That Must Be Repaid"

"The next government will not start off burdened with debt"

[Asia Economy Reporter Naju-seok] Yoo Seung-min, a former lawmaker and presidential candidate of the People Power Party, criticized on the 2nd that "the Moon Jae-in administration has ruined the country's finances."

On the same day, Yoo pointed out through social media (SNS) that "under the Moon Jae-in administration, the national debt increased by a staggering 408.1 trillion won, from 660.2 trillion won in 2017 to 1,068.3 trillion won in 2022," adding, "the ratio of national debt to Gross Domestic Product (GDP) rose from 36.0% to 50.2%."

He stated, "No previous administration has spent by borrowing this much," and warned, "The next government will start off buried in debt." He continued, "The 2022 budget increased by 8.3% to 604 trillion won, resulting in a consolidated fiscal deficit of a whopping -55.6 trillion won," and criticized, "The projected tax revenue growth rate of 20% is an absurd and unrealistic forecast, especially when the expected real growth rate for next year is in the 4% range."

Yoo argued, "The Moon Jae-in administration has clearly proven that 'welfare without tax increases is a myth,'" and said, "The lavish spending by the Moon administration is all debt that the younger generation will have to repay later," urging, "Young people should never vote for such a government again."

He added, "Democratic Party candidate Lee Jae-myung, who promises basic income and basic housing, will undoubtedly increase the national debt to a level comparable to or worse than the Moon administration," and appealed, "Young people must oust such politicians and parties."

This content was produced with the assistance of AI translation services.